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Mortgage Capacity Expert Changes her Name...

It is with great pleasure to announcement that our Mortgage Capacity Expert has recently married and has changed her name from Natasha Phillips to Natasha Palmer. I am sure you will join us in wishing her all the best for the future.

Natasha will continue to offer the same great service and any new Mortgage Capacity Assessment enquiries can be sent directly to her at: This email address is being protected from spambots. You need JavaScript enabled to view it. or feel free to call the office on: 0845 0179 578.

In recent weeks I have noticed a significant increase in the number of enquiries for Mortgage Capacity Assessments by individuals who are in no position to obtain mortgage lending. Whilst many of these individuals were already aware of their situation and were simply carrying out an exercise to pacify Court proceedings, it did come as a surprise for some.

There are many tell-tale signs of having the kind of financial circumstances which may not allow you to borrow from a mortgage lender and I will highlight some examples of these below:

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When calculating mortgage capacity for potential mortgage borrowers, those with low deposits (usually 5%) have, in the past, had very few options where mortgages were concerned. Following the financial crisis in 2008 few mortgage lenders would consider such high Loan to Value mortgages (95% loan with a 5% deposit) and for those who would consider this type of lending and in order to compensate for the increased risk to the lender, higher Interest Rates were charged.

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The world of Mortgage Capacity Assessments is always changing and this month is no exception – Changes to Stamp Duty Land Tax came into affect on 1st April 2016 which will effect those purchasing Buy to Let properties and second homes. The new rates of SDLT for these purchases are as follows:

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Many of us, not all of course, have enjoyed a comfortable lifestyle over the last 5 years. For those with high Fixed Rate mortgages ending in this period will have switched to a low variable rate and benefitted from significantly lower mortgage payments. Purchases on Credit Cards will have been done so at relatively low rates and for many of us life after the recession has recovered nicely. However, with Interest Rates likely to rise in the near future what can be expected particularly for those going through divorce?

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Mortgage Capacity Assessments can be used to explore a range of financial scenarios and provide an accurate, realistic and educated outlook of future mortgage capacity. There are many different ways in which changes to financial circumstances can affect an individual’s ability to obtain a mortgage. The following scenario considers the effect the location of employment may have on mortgage borrowing:

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If you are going through Divorce and questions affecting your future housing and mortgage needs are being discussed it is likely your legal representative will ask you to find out your mortgage capacity. It might be easy for you to have a quick search on-line or have a chat with your existing lender; however, it is vital you get accurate information. Without it you could find yourself in difficulty post divorce:

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A friend of mine who is currently going through a divorce recently came to me with a problem – She had done everything right during her divorce so far; she had sought advice from a reputable Family Solicitor and agreed that the most amicable course of action would be to go through the process of mediation. Access and maintenance payments for the children were dealt with quickly and her husband agreed that, assuming she could take over their mortgage by herself, she could keep the house in return for him retaining his pension and savings. With negotiations proceeding so smoothly all appeared to have gone in her favour…..or so she thought.

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I  was contacted recently by a couple currently going through Mediation in an attempt to amicably finalise the financial details of their divorce. They were, however, unable to agree on the amount of Spousal Maintenance payable by the ex-husband (Mr P) to the ex-wife (Mrs P) and the disagreement threatened to derail the whole mediation process. They needed to know how these payments would affect their mortgage capacity which they hoped would then resolve this final issue.

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